Underestimation of Securities Fraud Aggregate Damages Due to Inter-Fund Trades

2013 ◽  
Vol 24 (2) ◽  
pp. 161-173 ◽  
Author(s):  
Steven Feinstein ◽  
Gang Hu ◽  
Mark Marcus ◽  
Zann Ali
Keyword(s):  
Trading Volume ◽  
Claims Data ◽  
Policy Reform ◽  
Class Action ◽  
Trade Volume ◽  
Damage Estimation ◽  
Volume Data ◽  
Securities Fraud ◽  
The Public ◽  
Estimation Models

Abstract Aggregate damages in class action securities cases estimated using standard methodologies and public volume data may be understated due to the frequent occurrence of inter-fund trades. Inter-fund trades are internal crossing trades between funds within the same fund family and are one of the few instances of trading transactions that are not reported publicly. Consequently, while inter-fund trades show up in submitted claims they are omitted from the public trade volume data generally used to estimate aggregate damages. Using actual claims data obtained from a claims administrator in a recent case, we find a significant number of damaged shares attributable to inter-fund trades, for which traditional damage estimation models do not account without an adjustment to the models' trading volume input. Our findings have implications for how aggregate damages should be estimated and call for policy reform in the reporting of inter-fund trades.

scholarly journals MENINGKATKAN KEMAMPUAN KONEKSI MATEMATIS MELALUI PEMBELAJARAN METAKOGNITIF (PENELITIAN TINDAKAN KELAS DI SEMESTER IV JURUSAN MATEMATIKA MATAKULIAH KALKULUS LANJUTAN LANJUTAN) TAHUN PELAJARAN 2014/2015. INCREASING CAPACITY THROUGH LEARNING CONNECTIONS MATHEMATICAL METACOGNITIVE (CLASS ACTION RESEARCH IN SEMESTER IV DEPARTMENT OF MATHEMATICS CALCULUS COURSE CONTINUED CONTINUED) YEARS OF STUDY 2014/2015.

2016 ◽  
Vol 2 (1) ◽  
Author(s):  
Irmayanti Irmayanti
Keyword(s):  
Waste Management ◽  
Public Awareness ◽  
Field Research ◽  
Class Action ◽  
Shared Responsibility ◽  
Front Page ◽  
Household Waste ◽  
The Public ◽  
Housing Complex ◽  
The Government

Tujuan dari penelitian ini untuk mengetahui peningkatan kemampuan koneksi matematika mahasiswa/i melalui pembelajaran metakognitif di Semester IV Jurusan Matematika Tahun Pelajaran 2014/2015. Penelitian ini merupakan Penelitian Tindakan Kelas (PTK). Subjek penelitian ini adalah mahasiswa/i semester IV matematika. Objek dalam penelitian ini adalah pembelajaran matematika dalam usaha peningkatan kemampuan koneksi matematika mahasiswa/i melalui pembelajaran metakognitif. Teknik pengumpulan data dengan cara: Observasi, tes, dan dokumen. Instrumen penelitian ini menggunakan: RPS, LKS, Tes dan Lembar Observasi. Penelitian tindakan kelas ini dilaksanakan dalam 2 siklus, yang masing-masing siklus terdiri dari tahap perencanaan, pelaksanaan, pengamatan dan refleksi. Hasil penelitian menunjukkan bahwa untuk untuk siklus I untuk indikator 1, indikator 2, dan indikator 3 berdasarkan kategori Sangat Kurang (SK), Kurang (K), Cukup (C),  Baik (B) dan Sangat Baik (SB) berturut-turut ada sebesar 63,88%, 77,76%, 80,55%, 63,88%, dan 5,54%. Setelah dilakukan pemberian tindakan dengan model pembelajaran Metakognitif, banyak mahasiswa/i yang berhasil meningkatkan kemampuan koneksi matematika pada akhir siklus II, untuk indikator 1, 2 dan 3 kategori Sangat Kurang (SK), Kurang (K), Cukup (C),  Baik (B) dan Sangat Baik (SB) berturut-turut ada sebesar 13,88%, 44.43%, 33,32%, 116,65%, dan 91,65%. Dari penelitian ini dapat diperoleh simpulan bahwa melalui pembelajaran Metakognitif dapat meningkatkan kemampuan koneksi mahasiswa/i semester IV matematika Universitas Labuhanbatu. Kata Kunci: Kemampuan Koneksi Matematika, Pembelajaran Metakognitif. This study was conducted to determine the effect of household waste to the environment in terms of aspects of biology at the housing complex kel housekeeping earth. nevertheless compass excl. southern shoreline. This research is a field (Field Research) is a research .Populasi residents handle garbage Complex Graha Pertiwidalam citizens. Samples were done by using stratified random sampling.Untuk collect the necessary data in this study, the data collection tools used, ie observation, interviews, and Library Research.Teknik data collectors that researchers use is to conduct interviews with entrepreneurs as a developer Complex Graha Pertiwi the data collected from the field study will be presented systematically. The results of the research, that rubbish in Housing Complex Graha Pertiwi derived from household waste from residents who live in the complex. The type of waste that is often seen is composed of organic waste and garbage in the complex non organik.Setiap day Graha Pertiwi inmates on average to dispose of waste ranging from 1 kg / perharinya.Kesadaran high community waste management is big enough where their garbage stacked on the front page house and burned, so that the waste could not accumulate too lama.Kendala faced and penanggulangannyamasih efforts in creating public awareness of cleanliness lingkungan.Hal is seen from a habit of throwing garbage on tempatnya.Persepsi community about waste management is still concentrated in the government, whereas hygiene problem is a shared responsibility between the public and the government, the limited space for the collection and final disposal, as well as limited transportation funds rubbish. While a pile of garbage is increasing day by day. Keywords: Household Waste, Graha Pertiwi

scholarly journals Efeito do Volume de Negócios nas Escolhas de Recomendações de Ações dos Analistas

2018 ◽  
Vol 15 (2) ◽  
pp. 287
Author(s):  
Rafael Moreira Antônio ◽  
Alex Augusto Timm Rathke ◽  
Marcelo Botelho da Costa Moraes ◽  
Marcelo Augusto Ambrozini
Keyword(s):  
Panel Data ◽  
Trading Volume ◽  
Listed Companies ◽  
Net Income ◽  
Trade Volume ◽  
Panel Data Regression ◽  
Data Regression ◽  
Sample Data ◽  
Equity Ratio ◽  
Unbalanced Panel Data

The present study analyses the effect of trade volume on market analysts’ purchase and sell recommendation choices. The research analyses 7,293 consensus recommendations regarding Brazilian listed companies for the period 2008-2014. Sample data includes firms’ fundamentalist characteristics, as total assets, return, net income and dividends, with the objective to identify the factors taken under account by analysts for their recommendation evaluations. Applying unbalanced panel data regression strategy, we find that analysts prefer to recommend shares with higher observed trading volume, and the shares with more favourable evaluations are those with higher observed trading volume, which is agreeing with theoretical expectations. Other significative covariates for recommendations are the earnings before interests and taxes – EBIT, return per share, return of assets – ROA, paid dividends, and the price/equity ratio.

Exoneree Engagement in Policy Reform Work

2016 ◽  
Vol 33 (1) ◽  
pp. 43-60 ◽  
Author(s):  
Zieva Dauber Konvisser ◽  
Ashley Werry
Keyword(s):  
Justice System ◽  
Policy Reform ◽  
Reform Process ◽  
Exploratory Research ◽  
Structured Interviews ◽  
Convenience Sample ◽  
The Public ◽  
Human Voice ◽  
System Data ◽  
The Media

Through a lens of resilience and growth alongside continuing distress, this exploratory research study examines a convenience sample of exonerees and innocence movement personnel who are engaged in the policy reform process to understand how exoneree involvement may change exonerees themselves, the innocence movement, and possibly the criminal justice system. Data were collected through pre-questionnaires and semi-structured interviews, supplemented with archival material, and analyzed using a narrative approach. Findings emphasize both the personal and broader societal value of exoneree engagement in educating, generating awareness, and advocating about wrongful conviction and the power of having the human voice and face in front of legislators, the public, and the media—vividly portraying that “if they can do it to me, they can do it to anybody.” Findings also caution to be sensitive to where individuals may be in their lives and to honor their choices to engage or not.

The Paradox of Decreasing Prices and Increasing Costs for Diagnostic Tests, Imaging, and Drugs in Japan

1997 ◽  
Vol 13 (1) ◽  
pp. 99-110 ◽  
Author(s):  
Naoki Ikegami ◽  
Shunya Ikeda
Keyword(s):  
Public Sector ◽  
Technology Assessment ◽  
Cost Containment ◽  
Diagnostic Tests ◽  
Claims Data ◽  
X Rays ◽  
The Public ◽  
Structural Problems ◽  
Containment Strategy ◽  
Fee Schedule

AbstractAnalysis of the 1987–1991 national outpatient claims data shows that the percentage of patients undergoing sophisticated diagnostic tests tended to increase and was greater if the hospital was larger, in the public sector, or affiliated with an university. For imaging, the percentage that had CAT scans performed increased, while the percentage undergoing x-rays using contrast medium and other tomography decreased. However, for drugs, newer and more expensive ones tended to be preferred irrespective of the providers' characteristics. Although costs arising from the shift to more expensive and sophisticated technologies have been largely contained by reducing their prices in the fee schedule, this cost-containment strategy faces structural problems. We advocate the establishment of an infrastructure that offers incentives for providers to conduct technology assessment and to use the results.

scholarly journals Individual and institutional trading volume around firm-specific announcements

2016 ◽  
Vol 12 (4) ◽  
pp. 422-444 ◽  
Author(s):  
Priyantha Mudalige ◽  
Petko S Kalev ◽  
Huu Nhan Duong
Keyword(s):  
Institutional Investors ◽  
Trading Volume ◽  
Securities Market ◽  
Individual Investors ◽  
Order Book ◽  
Volume Data ◽  
Content Type ◽  
Before And After ◽  
Abnormal Trading Volume ◽  
Trading Behaviour

Purpose – The purpose of this paper is to investigate the immediate impact of firm-specific announcements on the trading volume of individual and institutional investors on the Australian Securities Exchange (ASX), during a period when the market becomes fragmented. Design/methodology/approach – This study uses intraday trading volume data in five-minute intervals prior to and after firm-specific announcements to measure individual and institutional abnormal volume. There are 70 such intervals per trading day and 254 trading days in the sample period. The first 10 minutes of trading (from 10.00 to 10.10 a.m.) is excluded to avoid the effect of opening auction and to ensure consistency in the “starting time” for all stocks. The volume transacted during five-minute intervals is aggregated and attributed to individual or institutional investors using Broker IDs. Findings – Institutional investors exhibit abnormal trading volume before and after announcements. However, individual investors indicate abnormal trading volume only after announcements. Consistent with outcomes expected from a dividend washing strategy, abnormal trading volume around dividend announcements is statistically insignificant. Both individual and institutional investors’ buy volumes are higher than sell volumes before and after scheduled and unscheduled announcements. Research limitations/implications – The study is Australian focused, but the results are applicable to other limit order book markets of similar design. Practical implications – The results add to the understanding of individual and institutional investors’ trading behaviour around firm-specific announcements in a securities market with continuous disclosure. Social implications – The results add to the understanding of individual and institutional investors’ trading behaviour around firm-specific announcements in a securities market with continuous disclosure. Originality/value – These results will help regulators to design markets that are less predatory on individual investors.

Differential informativeness of analyst reports by investor types

2017 ◽  
Vol 43 (5) ◽  
pp. 567-594 ◽  
Author(s):  
Kyung Soon Kim ◽  
Jinwoo Park ◽  
Yun W. Park
Keyword(s):  
Institutional Investors ◽  
Trading Volume ◽  
Individual Investors ◽  
Release Dates ◽  
Firm Characteristics ◽  
Volume Data ◽  
Content Type ◽  
Trading Activities ◽  
Foreign Institutional Investors ◽  
Trading Responses

Purpose The purpose of this paper is to investigate whether there is any difference across individual investors, domestic and foreign institutional investors in trading volume responses to analyst reports. The authors also examine the determinants of trading volume responses using firm as well as forecast characteristics. Design/methodology/approach The authors use trading data from the Korean equity market. The authors divide investors into three classes of investors; namely, individual investors, domestic institutional investors, and foreign institutional investors. The authors then examine whether the trading responses to analyst reports vary across investor types, and how firm characteristics and characteristics of analyst reports influence the trading activities on the release dates across investor types. Findings Individual investors are the most responsive investor group, being responsive to analyst reports on small, neglected firms with large inside ownership as well as to analyst reports with optimistic forecasts. Domestic institutional investors are responsive to reports on neglected firms with high return volatility while foreign institutional investors show least responses. Originality/value There are few studies that investigate whether the trading responses to analyst reports vary across investor types and how firm characteristics and characteristics of analyst reports influence the trading activities on the release dates across investor types. Taking advantage of the trading volume data for the three main investor types in the Korean stock market, the authors study the trading volume responses for each investor type and make comparisons across investor types.

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